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Hybrid Kinetic Group to produce low-cost "green" auto parts in China

Hybrid Kinetic Group, a Chinese company controlled by tycoon Yang Rong, envisions producing low-cost "green" auto parts, a move that could allow local automakers to sell advanced technology vehicles with price tags that are not much higher than a conventional car.
There's an interesting back story here. Rong, chief executive officer of Hybrid Kinetic Group, originally planned on setting up operations to produce three million alternative-energy vehicles a year in China. However, Rong choose to flee the country in 2002 to escape persecution when he was accused of economic crimes.

Hybrid Kinetic has reportedly identified five components – batteries, electric motors, engines, compressors and transmissions – that it plans on producing at a site the company has secured in China's Shandong province. Production of the low-cost auto parts is expected to begin in 2012 and the company anticipates that its initial capacity will be enough to provide the five key components for up to half a million vehicles per year. Furthermore, Hybrid Kinetic claims it will be able to whip out those five parts at a cost of only 80,000 yuan ($12,015 U.S. at the current exchange rate) per vehicle.